Consumer Credit A credit to our species
South African spent over R116billion on their credit cards in December, would you believe it. But before you get too excited, a piffling R40billion of that was on retail, while R20billion was squandered on travel, eating out and entertainment and another R20billion blown on car related expenses like fuel, tolls and chrome spinners for the Ford Fiesta. The average value of transactions, you will be further chastened to learn, was only 5.6% higher than last year, exactly in line with inflation, and the lowest increase since the hardly-heady days of 2009. On the upside, supermarkets and petrol stations (including, presumably, forecourts) were the largest recipients of this dwindling largesse, followed by department stores and restaurants. 18million-plus transactions took place in supermarkets, hooray. According to those in the know, punters invested in food, furniture and clothes for the family rather than taking everyone to Plett.
Comment: Very sensible, too. But buy more food next time.